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what it is
Natural Alternatives makes nutrition supplements for other brands and collects royalty checks on beta-alanine ingredients like CarnoSyn.
how it gets paid
Last year Natural Alterna made -$915K in revenue.
why it's growing
Revenue grew 153.5% last year. Quarterly EPS came in at -$0.41 versus -$0.52 in the prior quarter sequence.
what just happened
Latest quarter revenue was -$116K and EPS was -$0.41, which tells you the income statement is still bending the wrong way.
At a glance
C balance sheet — red flag territory — real financial stress
20/100 earnings predictability — expect surprises
2.8% return on capital — nothing to write home about
-$2.28 fy2025 eps est
$130M fy2025 rev est
xvary composite: 25/100 — weak
What they do
Natural Alternatives makes nutrition supplements for other brands and collects royalty checks on beta-alanine ingredients like CarnoSyn.
This business wins by doing two jobs at once. If you're a supplement brand, you can hire NAII to make the product and, in some cases, license its patented beta-alanine ingredient from the same company. That matters because 234 employees support both manufacturing and licensing, which gives NAII a second way to get paid when plain contract work gets crowded.
How they make money
-$915K
annual revenue · their business grew +153.5% last year
total revenue
-$915K
+153.5%
The products that matter
private-label supplement production
Contract Manufacturing
$33.1M · 95.1% of reported segment mix
This produced $33.1M last quarter and keeps the factories busy. It also leaves you exposed to supplier economics instead of brand-owner economics.
volume over margin
beta-alanine patent licensing
CarnoSyn Licensing
$1.7M · -33%
This is the closest thing NAII has to differentiated revenue, and it got smaller. When the proprietary line fades, the commodity line matters even more.
higher-margin question mark
Key numbers
$54M
long-term debt
That debt load is more than 3 times the company's roughly $17 million market value, so lenders matter as much as customers.
$2.28
fy2025 EPS
The fiscal 2025 loss estimate is worse than the -$1.23 posted in fiscal 2024, which says the earnings hole is getting deeper, not shallower.
76%
debt to capital
Debt to capital → how much of the company is financed by borrowing → 76% means your equity cushion is thin.
30/100
price stability
Price stability → how calm the stock usually trades → 30 out of 100 means this microcap can swing hard on limited volume.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 30 / 100
- long-term debt $54M (76% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for NAII right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue was -$116K and EPS was -$0.41, which tells you the income statement is still bending the wrong way.
Quarterly EPS came in at -$0.41 versus -$0.52 in the prior quarter sequence, but the bigger picture is still ugly: fiscal 2024 EPS was -$1.23 after $0.43 in fiscal 2023. Operating margin n/a (verify filings), which is a data anomaly more than a comfort signal, so you should lean on the loss trend instead.
$116K
revenue
$0.41
eps
n/a
operating margin
the number that mattered
The number that matters is -$2.28, the fiscal 2025 EPS estimate, because it points to losses getting worse after a -$1.23 fiscal 2024.
source: company earnings report, 2026
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What could go wrong
The core risk is simple: NAII needs a real profit turnaround before the balance sheet runs out of room for excuses.
high
Operating losses keep consuming the business
NAII reported a $2.6M net loss on $34.8M in quarterly sales. If higher revenue keeps arriving without margin improvement, growth alone does not solve the problem.
Recent losses consumed 7.5% of quarterly revenue.
high
Debt leaves little room for a slow fix
Long-term debt stands at $54M, or 76% of capital. That means a slow recovery is not just frustrating for you. It becomes a financing problem.
A small equity value sitting under a larger debt load makes execution speed matter a lot.
med
The differentiated revenue stream keeps shrinking
CarnoSyn licensing fell 33% to $1.7M. That matters because licensing is the closest thing NAII has to a higher-quality earnings source.
If licensing weakens again, the business mix gets worse even if total sales rise.
med
Customer concentration cuts both ways
NAII relies on private-label manufacturing contracts, including a manufacturing agreement with The Juice Plus+ Company. That helps fill capacity, but a few relationships can matter a lot.
With estimated annual revenue of $130M, losing a major customer would show up quickly.
You are underwriting a turnaround with a C balance sheet, $54M in debt, and a business that just lost 7.5 cents for every dollar of quarterly revenue.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
Positive net income has to show up in the filings
Management says fiscal 2026 should end with positive net income. Until you see that in reported results, it is still a promise.
trend
CarnoSyn licensing direction
Licensing fell 33% to $1.7M last quarter. You want to see that line stabilize, because it is the only clearly differentiated revenue stream here.
calendar
Next earnings report
The next update, estimated for May 2026, should tell you whether higher sales are finally reaching the bottom line.
risk
Debt versus operating progress
$54M in long-term debt is manageable only if operations improve soon. If the turnaround drags, debt becomes the main character.
Analyst rankings
earnings predictability
20 / 100
This score is low. In human-speak, analysts do not trust the earnings line to behave consistently.
risk rank
5
A 5 risk rank means it is safer than only 5% of stocks in the database. That is not a defensive profile.
source: institutional data
Institutional activity
institutional ownership data for NAII is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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